Walmart buys Tiger Global’s stake in e-com giant Flipkart for $1.4 billion
Walmart Inc. paid $1.4 billion to buy Tiger Global Management’s remaining stake in Flipkart, boosting its bet on the Indian retailer and helping the money manager provide distributions to investors at a time when accessing liquidity is tough. The transaction, which took place in recent days, valued the Indian e-commerce giant at $35 billion, according to a letter sent by Tiger Global to investors that was obtained by Bloomberg News. That’s down from the nearly $38 billion valuation Flipkart commanded in its 2021 funding round. A spokeswoman for the investment firm declined to comment on the deal, which the Wall Street Journal reported on earlier Sunday. Read more…
No-confidence motion against Modi govt: The last arrow in Oppn’s quiver
Many believe that the no-trust vote the Narendra Modi-led government will have to face in a few days is a self-goal. “We had considered a no-confidence motion as one of the weapons in our arsenal. But it was not on the front burner because we were conscious that the numbers are against us,” explains an Opposition Member of Parliament (MP) from the Lok Sabha (LS). Read more…
Macro worries keep IT companies off campus: Hirings to be 40% lower
The macroeconomic uncertainty impacting the Indian information technology (IT) services industry has also affected campus placement seasons. Many institutes say that although firms are coming to the campuses, no one is making a
hiring commitment. Adding to this, several institutes that Business Standard spoke to confirmed that India’s second-largest IT services firms, Infosys and Wipro, have not yet approached them for placements. This will be the second year that both players will miss the placement season. Read more….
Equity valuations once again on the rise even as profit moderates
Equity valuations are once again on the rise, after they cooled down in the second half of 2021 and the first half of 2022. The BSE Sensex trailing price-to-earnings (P/E) multiple has risen to a 17-month high of nearly 25x, from 23.7x at the end of December 2022 and 21.6x at the end of June 2022. Similarly, the index closed on Friday with a trailing price-to-book (P/B) value ratio of 3.6x, up from 3.4x at the end of December 2022; it is the highest since December 2021. Read more…
Many chipmakers in talks for India plant: MoS IT Rajeev Chandrasekhar
Several semiconductor manufacturers have shown interest in building a chip-making plant in the country, after US-based memory chip producer Micron Technology announced plans to set up a factory in Gujarat, Rajeev Chandrasekhar, minister of state for Electronics and IT, told Business Standard in an interview here. He said a few big players in memory chip manufacturing have been exploring India as a destination for assembly, testing, marking and packaging (ATMP), and manufacturing plants. Additionally, a large number of compound semiconductor ATMP and fab companies are also looking for investment in India, the minister said, following meetings with them. Read more…
Read More: Top News Headlines